Question: Flora Corporation provides organic vegetable to large supermarkets in California. At the end of 2015, the company reported the following amounts:
Sales revenue: $801,726
Cost of Goods Sold: $333,618
General and administrative expenses: $205,382
Purchase of a building: $185,000
In addition, the company declared $18,000 dividends to its shareholders in December 2015.
What is the net income/ (loss) of 2015?
2. Co. signed a 1-year, 12%, $300,000 note payable on July 1, 2015. Interest is due upon maturity of the note. As of December 31, 2015, what would be the adjusting entry be?